# OECD Suppression Decomposition: Z → CA with and without Capital Intensity

| Variable | M1: Full | M2: OECD | M3: Non-OECD | M4: Full+K/Y | M5: OECD+K/Y | M6: Non-OECD+K/Y |
|:---|---:|---:|---:|---:|---:|---:|
| Z_1 | 7.0447 | -42.0088 | -0.8231 | 49.2430*** | 16.6352 | 47.4014*** |
| | (13.0224) | (27.0534) | (16.1745) | (12.0482) | (22.5955) | (14.5506) |
| Z_2 | -0.8193 | 4.7752 | 0.8148 | -6.1310*** | -1.8633 | -5.4372** |
| | (1.9525) | (3.6888) | (2.4799) | (1.7981) | (3.0855) | (2.2273) |
| Z_3 | 0.0258 | -0.1508 | -0.0556 | 0.2098*** | 0.0592 | 0.1675* |
| | (0.0795) | (0.1401) | (0.1030) | (0.0730) | (0.1178) | (0.0924) |
| fiscal_bal_gdp | 0.4492*** | 0.0458 | 0.5059*** | 0.4122*** | 0.2452*** | 0.4707*** |
| | (0.0351) | (0.0346) | (0.0425) | (0.0318) | (0.0237) | (0.0398) |
| nfa_gdp_lag | -0.0267 | -0.4745 | -0.1394 | -0.2865 | -0.0604 | -0.4485* |
| | (0.2339) | (0.3042) | (0.2775) | (0.2168) | (0.2084) | (0.2562) |
| rgdp_growth | 0.2221*** | -0.1665*** | 0.2503*** | 0.3300*** | 0.0556*** | 0.3616*** |
| | (0.0222) | (0.0238) | (0.0263) | (0.0217) | (0.0166) | (0.0270) |
| log_rel_opw | 2.2313*** | 2.5394** | 1.9394*** | 3.1587*** | 5.2547*** | 2.9287*** |
| | (0.4338) | (1.1319) | (0.5160) | (0.4073) | (1.0449) | (0.4700) |
| kaopen | -0.0350 | 0.5568*** | -0.1772 | -0.5844*** | 0.1558 | -0.8868*** |
| | (0.2007) | (0.2075) | (0.2525) | (0.1841) | (0.1497) | (0.2286) |
| capital_intensity | | | | -0.6843*** | -0.9112*** | -0.6461*** |
| | | | | (0.0227) | (0.0240) | (0.0268) |
|:---|---:|---:|---:|---:|---:|---:|
| N | 4399 | 1153 | 3246 | 3887 | 1153 | 2734 |
| R² | 0.1456 | 0.1712 | 0.1456 | 0.2793 | 0.0830 | 0.3198 |
| Countries | 162 | 37 | 125 | 150 | 37 | 113 |

*Panel GLS with country and year fixed effects. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*